AGCO says 2015 production decline is front-end loadedExpects FY15 production to be down 15%. Sees Q3 production to be down 10%-15%. The company said felt effect of weaker demand and currency headwinds in Q2. In the longer-term, expects trends driving growth in demand for grain storage and protein production. It also expects increases exposure to counter-cyclical protein sector. Targets FY15 free cash flow of $300M after funding CapEx. The second half of the year is seasonally stronger for free cash flow. Expects retail tractor sales outlook to be down 5%-10% for North America, down 20% in South America and down 5%-10% in Western Europe. Comments taken from slides for Q2 earnings conference call.

Deere upgraded to Neutral from Sell at GoldmanGoldman upgraded Deere to Neutral based on an improved margin profile. The firm said Deere is benefiting from lower raw material costs and strong ag equipment pricing through the downturn and raised its price target to $94 from $78. Goldman remains negative on the outlook for ad equipment capex given weaker farmer income and peak capital stock.